3D Secure is a security product currently owned by Visa, but will soon be jointly owned by Visa, MasterCard, American Express and some others global payments companies.
Basically, the software detects if the purchase activity is unusual, and if it has any suspicions, will force you to enter a code sent via SMS to verify your identity.
The competition watchdog has announced that it intends to deny a request by the payments industry to force all online stores to use a particular kind of credit card fraud detection technology.
The Australian Competition and Consumer Commission (ACCC) says that’s good news for consumers, because forcing roughly 60,000 online merchants to use the software would have cost nearly $400 million.
That cost, according to the ACCC, would have been passed directly on to shoppers.
Source : http://www.news.com.au/finance/business/technology/accc-to-block-push-for-mandatory-393-million-rollout-of-online-antifraud-technology/news-story/806a4d992d3bf6210a6bc01e2919f861
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